As per the research, the global perimeter system market is expected to grow from USD 60.8 billion in 2020 and reach USD 114.21 billion by 2028, growing at a CAGR of 8.2% during the forecast period 2021-2028.
The perimeter system market is witnessing significant growth in the past years. This growth is attributed to advancement in hardware and technology that has widely developed radar detection systems, thermal network cameras, drones, and alarm sensors which complete unprecedented security tasks. Emergency service and critical infrastructure security have leveraged the perimeter security solution to required services to customers. The growth in theft incidents across the world has fuelled the perimeter security market. The government of several nations has mandated the implementation of perimeter security solutions across industries to minimize the risks. The increased demand from the residential sector for outdoor and indoor safety has propelled the market of perimeter security.
The integrated system that permits the facility’s physical security is known as perimeter security. Perimeter security allows safeguarding against unauthorized physical intrusions. Perimeter security is widely used in industrial, transportation, government, residential, infrastructure, military, and commercial & services. The manmade and natural barriers possess the ability to serve as perimeter security. Perimeter security is used as a physical security system to protect high-risk sites, critical infrastructure, retail space, remote or urban locations, and commercial, and residential areas. The evolution of advanced algorithms has significantly helped to diminish false alarms, which trigger automatically. The advancement in technology has led to the emergence of microwave, infrared, and seismic sensor that adds robustness to the system.
The rising demand for system integration and consulting are providing opportunities to the perimeter security market. The growing security concerns among people have motivated producers to develop advanced multi-layered perimeter protection solutions, which has significantly attracted the customer to adopt them. The rise in breach of security, planned crimes, illegal activities, and higher terrorism activity rate has spiked awareness among industries, governments, and industries. The growth of infrastructure and innovative city projects has fuelled market growth. The government supports the production and innovations related to perimeter security. Government tends to promote the perimeter security market by offering subsidies for new technology adoption. These are the factors driving the growth of the global perimeter security market. Factors such as lack of awareness, security need for training, and technical expertise are restraining the development of the global perimeter security market.
Some notable players in the perimeter security market are Bosch Security, Honeywell, Rbtec Perimeter Security System, Axis Communications, Dahua Technology, Johnson Controls, Cias Electronica, United Technologies, Southwest Microwave, and Fiber Sensys. To gain a significant market share in the global perimeter security market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Bosch Security and Honeywell are some of the key manufacturers operating in the perimeter security market.
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The video surveillance system segment dominated the market and held the largest market share of 31.4% in the year 2020
On the basis of the system, the global perimeter security market is segmented into video surveillance, perimeter intrusion detection systems, access control system, and alarm & notification systems. The video surveillance segment dominated the market and held the largest market share of 31.4% in the year 2020. This growth is attributed to the increasing focus on the continuous capturing of pictures and absolute safety. It comprises video analytics, smart video devices, and CCTV cameras linked to more than one device.
The military segment dominated the market and held the largest market share of 19.7% in the year 2020
On the basis of application, the global perimeter security market is segmented into industrial, transportation, government, residential, infrastructure, military, and commercial & service. The military segment dominated the market and held the largest market share of 19.7% in the year 2020. This growth is attributed to the growing necessity to maintain proper military base perimeter security to ensure the security and safety of operations & troops and security checkpoints.
